Dublin, 28 August 2025 – Waterland, a leading Pan-European private equity firm, and MML Ireland have agreed terms on the acquisition of Cruinn Diagnostics, one of the leading providers of laboratory diagnostic equipment, reagents, consumables and calibration services to the Irish market.
Founded in 1998, Cruinn Diagnostics has grown to become a key supplier to hospitals, independent testing laboratories, the life sciences industry, universities and research institutions. Headquartered in Dublin and employing over 90 people nationwide, the company reported revenues of €45 million in 2024.
This major investment will support accelerated growth in the company over the coming years and will allow Cruinn Diagnostic to launch next generation Healthcare Diagnostics to its customers, which will lead to better overall patient outcomes. As part of the transaction, Cruinn Diagnostics’ management team will reinvest to retain a significant minority stake in the business.
In 2021, MML Ireland invested in Cruinn Diagnostics to back the company’s ambitious growth strategy. The partnership provided both capital and strategic guidance, enabling Cruinn to scale its operations, add new supplier relationships, and strengthen its position as a leading supplier in the Irish diagnostics and laboratory equipment market. Over the course of the investment, the business expanded its customer base, and enhanced its capabilities across multiple sectors, growing revenue and employee numbers by over 50%.
Laura Dillon, Partner at Waterland, said: “Cruinn is a dynamic, fast-growing leader in clin-ical diagnostics and laboratory supplies and services, backed by market-leading brands and suppliers with an outstanding track record for innovation, customer service and high quality products. We’re delighted to join forces with Jack Nolan, Peter Hussey and the entire Cruinn team to accelerate their growth strategy. We would like to thank MML and we are delighted to partner with Cruinn, to support their continued success.”
Jack Nolan, CEO of Cruinn Diagnostics, added: “We are delighted to be partnering with Waterland to pursue our ambitious growth plans. I would like to thank the team at MML for their support, guidance, and commitment during our journey together. The future is bright for Cruinn, and we are excited to be working with Waterland and launching future advanced diagnostics and products to our customers through the opportunities that we can unlock to-gether with Waterland.”
Neil McGowan, Managing Partner and Co-Head of Investments at MML Ireland, comment-ed: “Jack and the Cruinn team epitomise the top-quality customer service, openness, entre-preneurial spirit and drive that sets many Irish businesses apart. We have very much en-joyed working with him, Peter and their team on what has been a very successful investment for MML. We wish Waterland and all the Cruinn team the greatest success for the next stage of their journey.”
Pictured above: Laura Dillon, Partner at Waterland and Jack Nolan, CEO at Cruinn Diagnostics